Are you running out of cash before your next paycheck? You’re not alone. Millions of Americans frequently need a small influx of cash to help fill the gap between paydays.
Should you take out a payday loan or try to find cheaper alternatives? Let’s go over what you’ll need to know about payday loans in South Carolina – and look at safer alternatives.
Options For Payday Loans in South Carolina
Payday loans are short-term, high-interest loans that need to be paid back in full when your paycheck arrives. Although payday loans are legal in South Carolina, they are considered extremely risky lending options – and are even banned in some states.
Requirements
- You will need to be at least 18 years old
- There is no credit score requirement.
- You will need to show proof of regular income and have a bank account.
Credit Impacts
While payday lenders won’t typically look into your credit report, you risk harming your credit score if you fail to make your payments on time. If you do pay on time – your credit score won’t improve with a payday loan.
Number of Loans
You can’t have more than one payday loan at a time in South Carolina. There is also a cooling off period of one day between payday loans.
Max Loan Amount
You can’t borrow more than $550 from a payday lender in South Carolina. The max loan term is 31 days, no extensions are allowed.
Finance Charges and Fees
Finance charges can be as high as 15% of the advance. APRs can be as high as 391%.
Payday Loan Alternatives in South Carolina
Payday loans are incredibly risky loans. Their high-interest rates can you leave paying a lot more than you expected. You don’t need to settle for these predatory loans. Take a look at some safer and cheaper alternatives.
Instacash
Instacash is a zero-interest cash advance from MoneyLion. You can get up to $250 in cash. You can access extra funds anywhere, 24/7, and as often as you need with the MoneyLion app. There is also no credit requirement – making Instacash the safer and more affordable alternative to payday loans. Instacash is available for no monthly fee! You can read more about Instacash here.
Credit Builder Loans
A Credit Builder Loan is perfect for people looking to borrow a larger amount of money – but don’t have enough credit to go to a traditional bank and don’t want to pay excessive fees.
With a MoneyLion Credit Builder Plus account, you’ll have access to up to $1000 with a low APR. MoneyLion will report all your payments to credit bureaus, so as long as you are staying on top of your payments – your score will likely go up. Plus, you’ll also have access to a wide range of financial tools like investing. Improving your credit score has never been easier!
| Instacash | Credit Builder Loan | Local Payday Lender | |
| How Much Can You Borrow? | $250 | $1,000 | $550 |
| Fees & Interest | -Free membership-0% APR | -Competitive APR -$19.99/month fee | 391% APR |
| Impacts Your Credit? | No | Yes, it builds your credit score. | Yes, will harm your score if you miss a payment. Won’t improve your score even if you pay on time. |
| Availability | Online & Mobile | Online & Mobile | Sometimes In-Store, Sometimes Online |
| Wait Time | Instantly* | Instantly | Next business day |
| Next Steps | Sign Up | Sign Up |
There Are Better Alternatives to Payday Loans
If you need a cash advance on your next paycheck – don’t fall into the hands of predatory lenders! There are safer and cheaper lending alternatives available. MoneyLion offers financial solutions for these exact situations.
When you open an account with MoneyLion, you will gain access to services and tools that will improve your overall financial outlook – from investing to 24/7 fraud protection. Remember, your finances are important, don’t settle for anything less than the best!
